UNITED STATESSECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
È Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
for the quarterly period ended June 30, 2022

‘ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
for the transition period fromtoCommission file number: 001-32356

SPDR® GOLD TRUSTSPONSORED BY WORLD GOLD TRUSTSERVICES, LLC(Exact Name of Registrant as Specified in Its Charter)
New York

81-6124035(State or Other Jurisdiction ofIncorporation or Organization)(I.R.S. Employer
Identification No.)

c/o World Gold Trust Services, LLC
685 Third Ave., 27th Floor
New York, New York 10017(Address of Principal Executive Offices)(212) 317-3800(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class

Trading
Symbol(s) Name

Name of each exchange
on which registered

SPDR® Gold Trust
GLD
NYSE Arca
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required tofile such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes È No ‘
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that theregistrant was required to submit such files). Yes È No ‘
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smallerreporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerÈ
Accelerated filer‘
Non-accelerated filer‘

Smaller reporting company ‘Emerging growth company ‘
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period
for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the ExchangeAct. ‘
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the ExchangeAct). Yes ‘ No È

As of August 4, 2022, the Registrant had 345,100,000 Shares outstanding.

SPDR® GOLD TRUST
INDEX
Page

PART I - FINANCIAL INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Item 1.
Financial Statements (Unaudited) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Statements of Financial Condition at June 30, 2022 (unaudited) and September 30, 2021 . . . . . . . . . . . . . . . . . . . . . .
Schedules of Investment at June 30, 2022 (unaudited) and September 30, 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Unaudited Statements of Operations for the three and nine months ended June 30, 2022 and 2021 . . . . . . . . . . . . . . .
Unaudited Statements of Cash Flows for the three and nine months ended June 30, 2022 and 2021 . . . . . . . . . . . . . . .
Unaudited Statements of Changes in Net Assets for the three and nine months ended June 30, 2022 and 2021 . . . . . .
Notes to the Unaudited Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations . . . . . . . . . . . . . . . . . . . . .
Item 3.
Quantitative and Qualitative Disclosures About Market Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Item 4.
Controls and Procedures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
PART II - OTHER INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Item 1.
Legal Proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Item 1A. Risk Factors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Item 3.
Defaults Upon Senior Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Item 4.
Mine Safety Disclosures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Item 5.
Other Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Item 6.
Exhibits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
SIGNATURES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1
1
1
2
3
4
5
6
12
16
16
16
16
16
17
17
17
17
17
19

SPDR® GOLD TRUSTPART I - FINANCIAL INFORMATION:
Item 1.

Financial Statements (Unaudited)

Statements of Financial Condition
at June 30, 2022 (unaudited) and September 30, 2021
(Amounts in 000’s of US$ except for share and per share data)Jun-30, 2022
(unaudited)

Sep-30, 2021

ASSETS
Investments in Gold, at fair value (cost $55,048,558 and $49,227,344 at June 30,
2022 and September 30, 2021, respectively) . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 61,594,420$ 55,474,023

Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 61,594,420$ 55,474,023

LIABILITIES
Accounts payable to Sponsor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $Gold payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

20,673 $237,191

18,749—Total Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$257,864

18,749Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 61,336,556$ 55,455,274

Shares issued and outstanding(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net asset value per Share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$362,100,000
169.39$(1)

Authorized share capital is unlimited and the par value of the Shares is $0.00.

See notes to the unaudited financial statements.

1$

340,300,000
162.96

SPDR® GOLD TRUST
Schedules of Investment(Amounts in 000’s except for percentages)
June 30, 2022
(unaudited)

Investment in Gold . . . . . . . . . . . . . . . . . . . . . . . . . .

Ounces of gold

Cost

Fair Value% of Net Assets

33,898.9$55,048,558$61,594,420

100.42%$55,048,558$61,594,420(257,864)

100.42%(0.42)%$61,336,556

100.00%Total Investment . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Liabilities in excess of other assets . . . . . . . . . . . . . .
Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
September 30, 2021

Investment in Gold . . . . . . . . . . . . . . . . . . . . . . . . . .

Ounces of gold

Cost

Fair Value% of Net Assets

31,830.4$49,227,344$55,474,023

100.03%$49,227,344$55,474,023(18,749)

100.03%(0.03)%$55,455,274

100.00%Total Investment . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Liabilities in excess of other assets . . . . . . . . . . . . . .
Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
See notes to the unaudited financial statements.

2

SPDR® GOLD TRUST
Unaudited Statements of Operations
For the three and nine months ended June 30, 2022 and June 30, 2021

(Amounts in 000’s of US$, except per share data)

EXPENSES
Sponsor fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Three Months
Ended
Jun-30, 2022
(unaudited)Three Months
Ended
Jun-30, 2021
(unaudited)

Nine Months
Ended
Jun-30, 2022
(unaudited)

Nine Months
Ended
Jun-30, 2021
(unaudited)$$

60,114$ 182,935$

64,772

198,614

Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

64,77260,114

182,935

198,614

Net investment loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(64,772)(60,114)(182,935)(198,614)

9,851

9,137

26,04634,803

Net realized and change in unrealized gain/(loss) on
investment in gold
Net realized gain/(loss) from investment in gold sold to
pay expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net realized gain/(loss) from gold distributed for theredemption of shares . . . . . . . . . . . . . . . . . . . . . . . . . .
Net change in unrealized gain/(loss) on investment ingold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

924,875

495,949

1,667,948

3,876,646(5,329,581)

1,814,442

299,183(8,795,004)

Net realized and change in unrealized gain/(loss) on
investment in gold . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4,394,855)

2,319,528

1,993,177(4,883,555)

Net income/(loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$(4,459,627) $2,259,414$1,810,242$(5,082,169)

Net income/(loss) per share . . . . . . . . . . . . . . . . . . . . . .
Weighted average number of shares (in 000’s) . . . . . . .

$

$

$

See notes to the unaudited financial statements.

3(12.01) $6.37
371,198
354,8375.11
354,144(13.16)386,304

SPDR® GOLD TRUST
Unaudited Statements of Cash Flows
For the three and nine months ended June 30, 2022 and June 30, 2021

(Amounts in 000’s of US$)INCREASE/DECREASE IN CASH FROMOPERATIONS:
Cash proceeds received from sales of gold . . . . . . . . .
Cash expenses paid . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Three Months
Ended
Jun-30, 2022
(unaudited)$

Increase/(Decrease) in cash resulting fromoperations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cash and cash equivalents at beginning of period . . . .

Three Months
Ended
Jun-30, 2021
(unaudited)

66,891 $(66,891)——

59,683 $ 181,011 $ 203,813(59,683)(181,011)(203,813)——$ 4,576,118$ 3,861,032$16,050,545$10,574,498

Value of gold distributed for redemption of shares-net
of change in gold payable . . . . . . . . . . . . . . . . . . . . .

$ 6,671,413$ 3,246,310$11,742,314$23,183,039

Three Months
Ended
Jun-30, 2022
(unaudited)Three Months
Ended
Jun-30, 2021
(unaudited)

Nine Months
Ended
Jun-30, 2022
(unaudited)

Nine Months
Ended
Jun-30, 2021
(unaudited)$(4,459,627) $ 2,259,414$ 1,810,242$ (5,082,169)$

See notes to the unaudited financial statements.

4

$

—

—
—

SUPPLEMENTAL DISCLOSURE
OF NON-CASH FINANCING ACTIVITIES:
Value of gold received for creation of shares-net ofchange in gold receivable . . . . . . . . . . . . . . . . . . . . .

Net cash provided by operating activities . . . . . . . . . .

—

—
—

$

RECONCILIATION OF NET INCOME/(LOSS)
TO NET CASH PROVIDED BY OPERATINGACTIVITIESNet income/(loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Adjustments to reconcile net income/(loss) to net cash
provided by operating activities:
Proceeds from sales of gold to pay expenses . . . . . . . .
Net realized (gain)/loss from investment in gold soldto pay expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net realized (gain)/loss from gold distributed for theredemption of shares . . . . . . . . . . . . . . . . . . . . . . . .
Net change in unrealized gain/(loss) on investment ingold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Increase/(Decrease) in accounts payable toSponsor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$Nine Months
Ended
Jun-30, 2021
(unaudited)

Cash and cash equivalents at end of period . . . . . . . . .

(Amounts in 000’s of US$)—

Nine Months
Ended
Jun-30, 2022
(unaudited)$—

66,891

59,683

181,011

203,813(9,851)(9,137)(26,046)(34,803)(924,875)(495,949)(1,667,948)(3,876,646)

5,329,581(1,814,442)(299,183)

8,795,004(2,119)

431

1,924

(5,199)

—

$

—

$

—

$

—

SPDR® GOLD TRUST
Unaudited Statements of Changes in Net Assets
For the three and nine months ended June 30, 2022 and June 30, 2021

(Amounts in 000’s of US$)

Three Months
Ended
Jun-30, 2022
(unaudited)Three Months
Ended
Jun-30, 2021
(unaudited)

Nine Months
Ended
Jun-30, 2022
(unaudited)

Nine Months
Ended
Jun-30, 2021
(unaudited)

Net Assets - Opening Balance . . . . . . . . . . . . . . . . .
Creations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Redemptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net investment loss . . . . . . . . . . . . . . . . . . . . . . . . . .
Net realized gain/(loss) from investment in gold
sold to pay expenses . . . . . . . . . . . . . . . . . . . . . . .
Net realized gain/(loss) from gold distributed forthe redemption of shares . . . . . . . . . . . . . . . . . . . .
Net change in unrealized gain/(loss) on investment
in gold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$68,128,669 $56,387,705 $ 55,455,274 $ 76,952,551
4,576,118
3,861,032
16,050,545
10,574,498(6,908,604) (3,246,310) (11,979,505) (23,183,039)(64,772)(60,114)(182,935)(198,614)

Net Assets - Closing Balance . . . . . . . . . . . . . . . . . .

9,851

9,137

26,04634,803924,875

495,949

1,667,948

3,876,646(5,329,581)

1,814,442

299,183(8,795,004)$61,336,556$59,261,841$ 61,336,556$ 59,261,841

See notes to the unaudited financial statements.

5

SPDR® GOLD TRUST
Notes to the Unaudited Financial Statements
1.

Organization

The SPDR® Gold Trust (the “Trust”) is an investment trust formed on November 12, 2004 under New York law
pursuant to a trust indenture (the “Trust Indenture”). The fiscal year-end for the Trust is September 30th. The
Trust holds gold and is expected from time to time to issue shares (“Shares”) (in minimum denominations of
100,000 Shares, also referred to as “Baskets”) in exchange for deposits of gold and to distribute gold inconnection with the redemption of Baskets. The investment objective of the Trust is for the Shares to reflect theperformance of the price of gold bullion, less the Trust’s expenses. World Gold Trust Services, LLC is thesponsor of the Trust (the “Sponsor”). BNY Mellon Asset Servicing, a division of The Bank of New York Mellon,
is the trustee of the Trust (the “Trustee”). State Street Global Advisors Funds Distributors, LLC is the marketing
agent of the Trust (the “Marketing Agent”). HSBC Bank plc is the custodian of the Trust (the “Custodian”).
The Shares trade on the NYSE Arca, Inc. (the “NYSE Arca”) under the symbol “GLD”, providing investors with
an efficient means to obtain market exposure to the price of gold bullion. The Shares are also listed on the Hong
Kong Exchanges and Clearing Limited, the Mexican Stock Exchange (Bolsa Mexicana de Valores), theSingapore Exchange Limited and the Tokyo Stock Exchange.
The Trustee does not actively manage the gold held by the Trust. This means that the Trustee does not sell gold
at times when its price is high or acquire gold at low prices in the expectation of future price increases. It alsomeans that the Trustee does not make use of any of the hedging techniques available to professional gold
investors to attempt to reduce the risk of losses resulting from price decreases. Any losses sustained by the Trust
will adversely affect the value of the Shares.
The Statements of Financial Condition and Schedules of Investment at June 30, 2022 and the Statements ofOperations, Cash Flows and Changes in Net Assets for the three and nine months ended June 30, 2022 and 2021
have been prepared on behalf of the Trust without audit. In the opinion of management of the Sponsor of theTrust, all adjustments (which include normal recurring adjustments) necessary to present fairly the financial
position, results of operations and cash flows as of and for the three and nine months ended June 30, 2022 and forall periods presented have been made.
These financial statements should be read in conjunction with the financial statements and notes thereto includedin the Trust’s Annual Report on Form 10-K for the fiscal year ended September 30, 2021. The results ofoperations for the three and nine months ended June 30, 2022 are not necessarily indicative of the operating
results for the full fiscal year.
2.

Significant Accounting Policies

The preparation of financial statements in accordance with accounting principles generally accepted in the UnitedStates of America (“U.S. GAAP”) requires those responsible for preparing financial statements to make estimatesand assumptions that affect the reported amounts and disclosures. Actual results could differ from thoseestimates. The following is a summary of significant accounting policies followed by the Trust.
2.1. Basis of Accounting
For accounting purposes only, the Trust is an investment company and, therefore, applies the specializedaccounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards
Codification (“ASC”) Topic 946, Financial Services—Investment Companies. The Trust is not registered as aninvestment company under the Investment Company Act of 1940, as amended.
6

2.2. Fair Value Measurement
FASB Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosures, provides asingle definition of fair value, a hierarchy for measuring fair value and expanded disclosures about fair value
adjustments.
The Trust does not hold any derivative instruments, and its assets only consist of allocated gold bullion and, fromtime to time, (i) gold receivable, representing gold covered by contractually binding orders for the creation of
Shares where the gold has not yet been transferred to the Trust’s account and (ii) cash, which is used to pay
expenses.
U.S. GAAP defines fair value as the price the Trust would receive to sell an asset or pay to transfer a liability inan orderly transaction between market participants at the measurement date. The Trust’s policy is to value its
investments at fair value.
Various inputs are used in determining the fair value of assets and liabilities. Inputs may be based on independent
market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are
categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The levelof a value determined for an asset or liability within the fair value hierarchy is based on the lowest level of any
input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy
are as follows:
Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities;
Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or
liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets,
quoted prices for identical or similar assets or liabilities in markets that are not considered to be active,
inputs other than quoted prices that are observable for the asset or liability and inputs that are derived
principally from or corroborated by observable market data by correlation or other means; andLevel 3 – Inputs that are unobservable for the asset or liability, including the Trust’s assumptions used indetermining the fair value of investments.
The following table summarizes the Trust’s investments at fair value:(Amounts in 000’s of US$)
June 30, 2022

Level 1

Level 2

Level 3

Investment in Gold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$61,594,420$—$—

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$61,594,420$—$—

Level 1

Level 2

Level 3

Investment in Gold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$55,474,023$—$—

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$55,474,023$—$—(Amounts in 000’s of US$)
September 30, 2021

There were no transfers between Level 1 and other Levels for the nine months ended June 30, 2022, or for theyear ended September 30, 2021.
The Trustee values the gold held by the Trust on the basis of the price of an ounce of gold as determined by the
ICE Benchmark Administration Limited (“IBA”), a benchmark administrator, which provides an independently
administered auction process as well as the overall administration and governance for the London Bullion Market
Association (“LBMA”). In determining the net asset value (“NAV”) of the Trust, the Trustee values the gold held7

by the Trust on the basis of the price of an ounce of gold determined by the IBA 3:00 PM auction process(“LBMA Gold Price PM”), which is an electronic auction, with the imbalance calculated, and the price adjusted
in rounds (30 seconds in duration). The auction runs twice daily at 10:30 AM and 3:00 PM London time. The
Trustee determines the NAV of the Trust on each day the NYSE Arca is open for regular trading, at the earlier ofthe LBMA Gold Price PM for the day or 12:00 PM New York time. If no LBMA Gold Price is made on aparticular evaluation day or if the LBMA Gold Price has not been announced by 12:00 PM New York time on aparticular evaluation day, the next most recent LBMA Gold Price (AM or PM) is used in the determination of theNAV of the Trust, unless the Trustee, in consultation with the Sponsor, determines that such a price isinappropriate to use as the basis for such determination.
2.3. Custody of Gold
Gold is held by the Custodian on behalf of the Trust, 100% of which is allocated gold in the form of gooddelivery gold bars. A current list of all gold held by the Custodian, including any held with a subcustodian isavailable on the sponsor’s website at www.spdrgoldshares.com.
2.4. Gold Receivable
Gold receivable represents the quantity of gold covered by contractually binding orders for the creation of Shares
where the gold has not yet been transferred to the Trust’s account. Generally, ownership of the gold is transferred
within two business days of the trade date.
(Amounts in 000’s of US$)Gold receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Jun-30, 2022

Sep-30, 2021$—$—

2.5. Gold Payable
Gold payable represents the quantity of gold covered by contractually binding orders for the redemption of
Shares where the gold has not yet been transferred out of the Trust’s account. Generally, ownership of the gold istransferred within two business days of the trade date.
(Amounts in 000’s of US$)

Jun-30, 2022

Sep-30, 2021

Gold payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$237,191$—

2.6. Creations and Redemptions of Shares
The Trust creates and redeems Shares from time to time, but only in one or more Baskets (a Basket equals a
block of 100,000 Shares). The Trust issues Shares in Baskets to certain authorized participants (“Authorized
Participants”) on an ongoing basis. The creation and redemption of Baskets is only made in exchange for thedelivery to the Trust or the distribution by the Trust of the amount of gold and any cash represented by the
Baskets being created or redeemed, the amount of which will be based on the combined net asset value of thenumber of Shares included in the Baskets being created or redeemed determined on the day the order to create orredeem Baskets is properly received.

8

As the Shares of the Trust are redeemable in Baskets at the option of the Authorized Participants, the Trust hasclassified the Shares as Net Assets for financial reporting purposes. Activity in the number and value of Shares
created and redeemed for the nine months ended June 30, 2022 and 2021 are as follows:
Nine Months
Ended
Jun-30, 2022

Nine Months
Ended
Jun-30, 2021

Activity in Number of Shares Created andRedeemed:
Creations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Redemptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

91,100(69,300)

60,800(136,100)

Net Change in Number of Shares Created andRedeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

21,800(75,300)(Amounts in 000’s of US$)

Nine Months
Ended
Jun-30, 2022

Nine Months
Ended
Jun-30, 2021

Activity in Value of Shares Created andRedeemed:
Creations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Redemptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 16,050,545(11,979,505)$ 10,574,498(23,183,039)

Net change in Value of Shares Created andRedeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 4,071,040$(12,608,541)(Amounts are in 000’s)

2.7. Income and Expense (Amounts in 000’s of US$)The Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s gold as necessary to pay
the Trust’s expenses. When selling gold to pay expenses, the Trustee will endeavor to sell the smallest amount ofgold needed to pay expenses in order to minimize the Trust’s holdings of assets other than gold. Unless otherwise
directed by the Sponsor, the Trustee will sell gold to the Custodian at the next LBMA Gold Price PM following
the sale order. A gain or loss is recognized based on the difference between the selling price and the average costof the gold sold, and such amounts are reported as net realized gain/(loss) from investment in gold sold to pay
expenses on the Statements of Operations.
The Trust’s net realized and change in unrealized gain/(loss) on investment in gold for the nine months ended
June 30, 2022 of $1,993,177 is made up of a realized gain of $26,046 from the sale of gold to pay expenses, arealized gain of $1,667,948 from gold distributed for the redemption of Shares, and a change in unrealized gainof $299,183 on investment in gold.
The Trust’s net realized and change in unrealized gain/(loss) on investment in gold for the nine months ended
June 30, 2021 of $(4,883,555) is made up of a realized gain of $34,803 from the sale of gold to pay expenses, arealized gain of $3,876,646 from gold distributed for the redemption of Shares, and a change in unrealized loss of$(8,795,004) on investment in gold.
2.8. Income Taxes
The Trust is classified as a “grantor trust” for U.S. federal income tax purposes. As a result, the Trust itself will
not be subject to U.S. federal income tax. Instead, the Trust’s income and expenses will “flow through” to the
Shareholders, and the Trustee will report the Trust’s proceeds, income, deductions, gains, and losses to theInternal Revenue Service on that basis. The Sponsor of the Trust has evaluated whether or not there are uncertain
tax positions that require financial statement recognition and has determined that no reserves for uncertain tax
positions are required as of June 30, 2022 or September 30, 2021.
9

The Sponsor evaluates tax positions taken or expected to be taken in the course of its tax treatment, and its tax
reporting to its shareholders, of these positions to determine whether the tax positions are “more-likely-than-not”
to be sustained by the applicable tax authority. Tax positions not deemed to meet that threshold would berecorded as an expense in the current year. The Trust is required to analyze all open tax years. Open tax years arethose years that are open for examination by the relevant income taxing authority. As of June 30, 2022, the 2020,2019 and 2018 tax years remain open for examination. There were no examinations in progress at period end.
3.

Related Parties – Sponsor and Trustee

The Trust’s only recurring fixed expense is the Sponsor’s fee which accrues daily at an annual rate equal to
0.40% of the daily NAV, in exchange for the Sponsor assuming the responsibility to pay all ordinary fees andexpenses of the Trust which include fees and expenses of the Trustee, the fees and expenses of the Custodian forthe custody of the Trust’s gold bars, the fees and expenses of the Sponsor, certain taxes, the fees of the Marketing
Agent, printing and mailing costs, legal and audit fees, registration fees, NYSE Arca listing fees and othermarketing costs and expenses.
Affiliates of the Trustee may from time to time act as Authorized Participants or purchase or sell gold or Sharesfor their own account, as agent for their customers and for accounts over which they exercise investment
discretion.
4.

Concentration of Risk

The Trust’s sole business activity is the investment of gold. Various factors could affect the price of gold
including: (i) global supply and demand, which is influenced by such factors as gold’s uses in jewelry,technology and industrial applications, purchases made by investors in the form of bars, coins and other gold
products, forward selling by gold producers, purchases made by gold producers to unwind gold hedge positions,central bank purchases and sales, and production and cost levels in major gold-producing countries such as
China, Australia, and the United States; (ii) investors’ expectations with respect to the rate of inflation;(iii) currency exchange rates; (iv) interest rates; (v) investment and trading activities of hedge funds andcommodity funds; (vi) other economic variables such as income growth, economic output, and monetary
policies; and (vii) global or regional political, economic or financial events and situations, especially those thatare unexpected in nature. In addition, while gold is used to preserve wealth by investors around the world, there
is no assurance that gold will maintain its long-term value in terms of purchasing power in the future. In theevent that the price of gold declines, the Sponsor expects the value of an investment in the Shares to decline
proportionately. Each of these events could have a material effect on the Trust’s financial position and results ofoperations.
5.

Indemnification

The Sponsor, and its shareholders, members, directors, officers, employees, affiliates and subsidiaries, areindemnified by the Trust and held harmless against certain losses, liabilities or expenses incurred in theperformance of their duties under the Trust Indenture without gross negligence, bad faith, willful misconduct,
willful malfeasance or reckless disregard of the indemnified party’s obligations and duties under the Trust
Indenture. Such indemnity includes payment by the Trust of the costs and expenses incurred in defending against
any claim or liability under the Trust Indenture. Under the Trust Indenture, the Sponsor may be able to seek
indemnification by the Trust for payments it makes in connection with the Sponsor’s activities under the Trust
Indenture to the extent its conduct does not disqualify it from receiving such indemnification under the terms of
the Trust Indenture. The Sponsor is also indemnified by the Trust and held harmless against any loss, liability or
expense arising under the Amended and Restated Marketing Agent Agreement between the Sponsor and theMarketing Agent effective July 17, 2015, as amended, or any agreement entered into with an Authorized
Participant which provides the procedures for the creation and redemption of Baskets and for the delivery of gold
and any cash required for creations and redemptions insofar as such loss, liability or expense arises from any
10untrue statement or alleged untrue statement of a material fact contained in any written statement provided to theSponsor by the Trustee. Any amounts payable to the Sponsor are secured by a lien on the Trust’s assets.
The Sponsor has agreed to indemnify certain parties against certain liabilities and to contribute to payments thatsuch parties may be required to make in respect of those liabilities. The Trustee has agreed to reimburse suchparties, solely from and to the extent of the Trust’s assets, for indemnification and contribution amounts due fromthe Sponsor in respect of such liabilities to the extent the Sponsor has not paid such amounts when due. The
Sponsor has agreed that, to the extent the Trustee pays any amount in respect of the reimbursement obligations
described in the preceding sentence, the Trustee, for the benefit of the Trust, will be subrogated to and will
succeed to the rights of the party so reimbursed against the Sponsor.
6.

Financial Highlights

The Trust is presenting the following financial highlights related to investment performance and operations of a
Share outstanding for the three and nine months ended June 30, 2022 and 2021, respectively. The total return at
net asset value is based on the change in net asset value of a Share during the period and the total return at market
value is based on the change in market value of a Share on the NYSE Arca during the period. An individual
investor’s return and ratios may vary based on the timing of capital transactions.
Financial Highlights (Unaudited)
For the three and nine months ended June 30, 2022 and 2021
Three Months
Ended
Jun-30, 2022
(unaudited)Three Months
Ended
Jun-30, 2021
(unaudited)

Nine Months
Ended
Jun-30, 2022
(unaudited)

Nine Months
Ended
Jun-30, 2021
(unaudited)

Net Asset Value
Net asset value per Share, beginning of
period . . . . . . . . . . . . . . . . . . . . . . . . . .
Net investment income/(loss) . . . . . . . . .
Net Realized and Change in Unrealized
Gain/(Loss) . . . . . . . . . . . . . . . . . . . . .

$181.24(0.18)$158.44(0.17)$162.96(0.52)$177.15(0.52)(11.67)

6.76

6.95

(11.60)Net Income/(Loss) . . . . . . . . . . . . . . . . . .

(11.85)

6.59

6.43

(12.12)

Net asset value per Share, end of
period . . . . . . . . . . . . . . . . . . . . . . . . . .

$169.39$165.03$169.39$165.03

Market value per Share, beginning of
period . . . . . . . . . . . . . . . . . . . . . . . . . .

$180.65$159.96$164.22$177.12Market value per Share, end of period . . .

$168.46$165.63$168.46$165.63

Ratio to average net assets
Net investment loss(1) . . . . . . . . . . . . . . . .

(0.40)%(0.40)%(0.40)%(0.40)%

Gross expenses(1)...................

0.40%

0.40%

0.40%

0.40%

Net expenses(1) . . . . . . . . . . . . . . . . . . . . .

0.40%

0.40%

0.40%

0.40%

Total Return, at net asset value(2) . . . . . . .

(6.54)%

4.16%

3.95%

(6.84)%

Total Return, at market value(2) . . . . . . . .

(6.75)%

3.54%

2.58%

(6.49)%(1) Percentages are annualized.
(2) Percentages are not annualized.
11

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

This information should be read in conjunction with the financial statements and notes included in Item 1 ofPart I of this Quarterly Report. The discussion and analysis which follows may contain trend analysis and otherforward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, which reflect our current views with respect to future events and financial results. Words such as“anticipate,” “expect,” “intend,” “plan,” “believe,” “seek,” “outlook” and “estimate” as well as similarwords and phrases signify forward-looking statements. SPDR® Gold Trust’s forward-looking statements are notguarantees of future results and conditions and important factors, risks and uncertainties may cause our actual
results to differ materially from those expressed in our forward-looking statements.
Trust Overview
SPDR® Gold Trust (the “Trust”) is an investment trust that was formed on November 12, 2004 (the “Date ofInception”). The Trust issues baskets of Shares (“Baskets”) in exchange for deposits of gold and distributes goldin connection with the redemption of Baskets. The investment objective of the Trust is for the Shares to reflect
the performance of the price of gold bullion, less the expenses of the Trust’s operations. The Shares are designed
to provide investors with a cost effective and convenient way to invest in gold.
Gold is held by HSBC Bank plc (the “Custodian”) on behalf of the Trust.
As of the date of this quarterly report, Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co., Goldman
Sachs Execution & Clearing, L.P., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, Merrill Lynch
Professional Clearing Corp., Morgan Stanley & Co. LLC, RBC Capital Markets LLC, UBS Securities LLC and
Virtu Americas LLC are the only Authorized Participants. An updated list of Authorized Participants can beobtained from the Trustee or the Sponsor.
Investing in the Shares does not insulate the investor from certain risks, including price volatility. The following
chart illustrates the movement in the price of the Shares and NAV of the Shares against the corresponding gold
price (per 1/10 of an oz. of gold) since the day the Shares first began trading on the NYSE and subsequenttransfer to NYSE Arca:

Share price & NAV v. gold price – November 18, 2004 to June 30, 2022

The divergence of the price of the Shares and NAV of the Shares from the gold price over time reflects the
cumulative effect of the Trust expenses that arise if an investment had been held since inception.
12

Critical Accounting Policy
Valuation of Gold, Definition of NAV
The Trustee values the gold held by the Trust and determines the NAV of the Trust as of the LBMA Gold Price
PM on each day that the NYSE Arca is open for regular trading, at the earlier of the LBMA Gold Price PM forthe day or 12:00 PM New York time. If no LBMA Gold Price PM is announced on a particular evaluation day orif the LBMA Gold Price PM has not been announced by 12:00 PM New York time on a particular evaluation
day, the next most recent LBMA Gold Price (AM or PM) is used in the determination of the NAV of the Trust,unless the Trustee, in consultation with the Sponsor, determines that such price is inappropriate to use as thebasis for such determination. In the event the Trustee and the Sponsor determine that such price is not anappropriate basis for valuation of the Trust’s gold, they will identify an alternative basis for such valuation to be
employed by the Trustee. While we believe that the LBMA Gold Price is an appropriate indicator of the value ofgold, there are other indicators that are available that could be different than the LBMA Gold Price. The use ofsuch an alternative indicator could result in materially different fair value pricing of the gold in the Trust which
could result in different market adjustments or redemption value adjustments of our outstanding redeemable
Shares.
Once the value of the gold has been determined, the Trustee subtracts all estimated accrued fees, expenses andother liabilities of the Trust from the total value of the gold and all other assets of the Trust (other than any
amounts credited to the Trust’s reserve account, if established). The resulting figure is the NAV of the Trust. The
Trustee determines the NAV per Share by dividing the NAV of the Trust by the number of Shares outstanding asof the close of trading on NYSE Arca.
Inspectorate International Limited (“Inspectorate”) conducts two counts each year of the gold bullion held on
behalf of the Trust at the vaults of the Custodian. A complete bar count is conducted once per year and coincides
with the Trust’s financial year end at September 30th. On October 5, 2021, Inspectorate completed the annual fullcount of the Trust’s gold bullion held by the Custodian. The second count is a random sample count and isconducted at a date which falls within the same financial year and was completed most recently on May 16,
2022. The results can be found on www.spdrgoldshares.com. The Sponsor generally visits the vaults of the
Custodian twice a year as part of its due diligence procedures.
Recent Developments
The Trust as well as the Sponsor and its service providers are vulnerable to the effects of geopolitical events andthe continuation of the war in Ukraine or other hostilities. Geopolitical events and the continuation of thehostilities in Ukraine or other hostilities could disrupt and potentially impact the business activities of theSponsor and its service providers and have an adverse effect on the Trust.
In late February 2022, Russia launched an invasion of Ukraine, significantly amplifying already existinggeopolitical tensions among Russia and other countries in the region and in the west. On March 7, 2022, the
LBMA suspended its accreditation of six Russian precious metals refiners. The LBMA stated that existing bars
produced by the refiners before their suspension will still be accepted as good delivery. Following anannouncement at the G7 Summit to collectively ban the import of Russian gold, the UK passed regulations which
prohibit the direct or indirect (i) import of gold that originated in Russia, (ii) acquisition of gold that originated in
Russia or is located in Russia and (iii) supply or delivery of gold that originated in Russia, all after July 21, 2022.
Similarly, US regulations prohibit the import of gold of Russian origin into the United States on or after June 28,2022 and EU regulations prohibit the direct or indirect import, purchase or transfer of gold if it originates in
Russia and has been exported from Russia after July 22, 2022.
The responses of countries and political bodies to Russia’s actions, the larger overarching tensions, andUkraine’s military response and the potential for wider conflict may increase financial market volatility
generally, have adverse effects on regional and global economic markets, and cause volatility in the price of gold
13

and the price of the Shares. In addition, the conflict in Ukraine, along with global political fallout andimplications including sanctions, shipping disruptions, collateral war damage, and a potential expansion of theconflict beyond Ukraine’s borders, could disturb the gold market.
War and other geopolitical events in eastern Europe, including but not limited to Russia and Ukraine, may cause
volatility in commodity prices including precious metals prices. These events are unpredictable and may lead toextended periods of price volatility. To date, the impact of the conflict in Ukraine, including the regulatory
responses to such conflict, have not materially affected the operations of the Trust and have not materially
impacted the price of gold or the share price of the Trust.

Results of Operations
In the three months ended June 30, 2022, an additional 25,900,000 Shares (259 Baskets) were created in
exchange for 2,415,876.5 ounces of gold, 39,700,000 Shares (397 Baskets) were redeemed in exchange for
3,702,812.2 ounces of gold, and 35,368.8 ounces of gold were sold to pay expenses.
At June 30, 2022, the amount of gold owned by the Trust and held by the Custodian in its vault was 33,898,942
ounces, 100% of which is allocated gold in the form of London Good Delivery gold bars with a market value of$61,594,419,304 based on the LBMA Gold Price PM on June 30, 2022 (cost—$55,048,557,435).
At September 30, 2021, the amount of gold owned by the Trust and held by the Custodian in its vault was
31,830,401 ounces, 100% of which is allocated gold in the form of London Good Delivery gold bars with amarket value of $55,474,022,504 based on the LBMA Gold Price PM on September 30, 2021 (cost—$49,227,343,846).
Cash Resources and Liquidity
At June 30, 2022, the Trust did not have any cash balances. When selling gold to pay expenses, the Trustee
endeavors to sell the exact amount of gold needed to pay expenses in order to minimize the Trust’s holdings ofassets other than gold. As a consequence, we expect that the Trust will not record any net cash flow from its
operations and that its cash balance will be zero at the end of each reporting period.
Movements in the Price of GoldAs movements in the price of gold are expected to directly affect the price of the Trust’s Shares, investors should
understand what the recent movements in the price of gold have been. Investors, however, should also be awarethat past movements in the gold price are not indicators of future movements.

14

The following chart provides historical background on the price of gold. The chart illustrates movements in theprice of gold in US dollars per ounce over the period from November 12, 2004 to June 30, 2022 and is based on
the LBMA Gold Price PM when available.

Daily Gold Price – November 12, 2004 – June 30, 2022
LBMA Gold Price PM USD

The average, high, low and end-of-period gold prices for the three and twelve-month periods over the prior three
years and for the period from the Date of Inception through June 30, 2022, based on the LBMA Gold Price PM
when available from March 20, 2015 and previously the London Fix, were:

PeriodAverage

High

Date

Low

Date

End ofperiodLastbusinessday (1)Three months to September 30, 2019 . . $1,472.47 $1,546.10 Sep 4, 2019 $1,388.65
Jul 5, 2019 $1,485.30 Sep 30, 2019
Three months to December 31, 2019 . . $1,480.96 $1,517.10 Oct 3, 2019 $1,452.05 Nov 12, 2019 $1,523.00 Dec 31, 2019(2)Three months to March 31, 2020 . . . . . $1,582.80 $1,683.65 Mar 6, 2020 $1,474.25 Mar 19, 2020 $1,608.95 Mar 31, 2020Three months to June 30, 2020 . . . . . . . $1,711.13 $1,771.60 Jun 29, 2020 $1,576.55 Apr 1, 2020 $1,768.10 Jun 30, 2020Three months to September 30, 2020 . . $1,908.56 $2,067.15 Aug 6, 2020 $1,771.05 July 1, 2020 $1,886.90 Sep 30, 2020Three months to December 31, 2020 . . $1,874.23 $1,940.80 Nov 6, 2020 $1,762.55 Nov 30, 2020 $1,891.10 Dec 31, 2020(2)Three months to March 31, 2021 . . . . . $1,794.01 $1,943.20 Jan 4, 2021 $1,683.95 Mar 30, 2021 $1,691.05 Mar 31, 2021
Three months to June 30, 2021 . . . . . . . $1,816.48 $1,902.75 Jun 2, 2021 $1,726.05 Apr 1, 2021 $1,763.15 Jun 30, 2021
Three months to September 30, 2021 . . $1,789.52 $1,829.30 Jul 29, 2021 $1,723.35 Aug 10, 2021 $1,742.80 Sep 30, 2021
Three months to December 31, 2021 . . $1,795.25 $1,864.90 Nov 17, 2021 $1,753.20 Oct 5, 2021 $1,820.10 Dec 31, 2021(2)Three months to March 31, 2022 . . . . . $1,877.16 $2,039.05 Mar 8, 2022 $1,788.15 Jan 28, 2022 $1,942.15 Mar 31, 2022
Three months to June 30, 2022 . . . . . . . $ 1870.58 $1,976.75 Apr 13, 2022 $1,809.50 May 16, 2022 $1,817.00 Jun 30, 2022
Twelve months ended June 30, 2020 . . $1,560.35 $1,771.60 Jun 29, 2020 $1,388.65
Jul 5, 2019 $1,768.10 Jun 30, 2020
Twelve months ended June 30, 2021 . . $1,848.95 $2,067.15 Aug 6, 2020 $1,683.95 Mar 30, 2021 $1,763.15 Jun 30, 2021
Twelve months ended June 30, 2022 . . $1,832.48 $2,039.05 Mar 8, 2022 $1,723.35 Aug 10, 2021 $1,817.00 Jun 30, 2022
November 12, 2004 to June 30, 2022 . . $1,226.30 $2,067.15 Aug 6, 2020 $ 411.10

Feb 8, 2005 $1,817.00 Jun 30, 2022

(1) The end of period gold price is the LBMA Gold Price PM on the last business day of the period. This is inaccordance with the Trust Indenture and the basis used for calculating the Net Asset Value of the Trust.

15

(2) There was no LBMA Gold Price PM on the last business day of December 2021, 2020 or 2019. The LBMAGold Price AM on the last business day of December 2021, 2020 and 2019 was $1,820.10, $1,891.10 and$1,523.00, respectively. The Net Asset Value of the Trust on December 31, 2021, 2020 and 2019 was
calculated using the LBMA Gold Price AM, in accordance with the Trust Indenture.
Item 3.

Quantitative and Qualitative Disclosures About Market Risk

The Trust Indenture does not authorize the Trustee to borrow for payment of the Trust’s ordinary expenses. The
Trust does not engage in transactions in foreign currencies which could expose the Trust or holders of Shares toany foreign currency related market risk. The Trust does not invest in any derivative financial instruments orlong-term debt instruments. Fluctuations in the value of gold bullion will affect the value of Shares which aredesigned to reflect the performance of the price of gold bullion, less the Trust’s expenses.
Item 4.

Controls and Procedures

Disclosure Controls and Procedures
The duly authorized officers of the Sponsor, performing functions equivalent to those a principal executive
officer and principal financial officer of the Trust would perform if the Trust had any officers, have evaluated theeffectiveness of the Trust’s disclosure controls and procedures, and have concluded that the disclosure controls
and procedures of the Trust were effective as of the end of the period covered by this report. Such disclosure
controls and procedures are designed to provide reasonable assurance that information required to be disclosed in
the reports that the Trust files or submits under the Securities Exchange Act of 1934, as amended, are recorded,
processed, summarized and reported, within the time period specified in the applicable rules and forms, and thatsuch information is accumulated and communicated to the duly authorized officers of the Sponsor performing
functions equivalent to those a principal executive officer and principal financial officer of the Trust would
perform if the Trust had any officers, and to the Audit Committee of the Sponsor, as appropriate, to allow timely
decisions regarding required disclosure.
Internal Control Over Financial Reporting
There has been no change in the internal control over financial reporting that occurred during our most recent
fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control
over financial reporting.
PART II - OTHER INFORMATION:
Item 1.

Legal Proceedings

None.
Item 1A. Risk Factors
You should carefully consider the factors discussed in Part I, Item 1A. “Risk Factors” in our Annual Report on
Form 10-K for the year ended September 30, 2021, which could materially affect our business, financial
condition or future results. There have been no material changes in our risk factors from those disclosed in our
Annual Report on Form 10-K, except for the following:
The Trust as well as the Sponsor and its service providers are vulnerable to the effects of geopolitical events andthe continuation of the war in Ukraine or other hostilities.
Geopolitical events and the continuation of the hostilities in Ukraine or other hostilities could disrupt andpotentially impact the business activities of the Sponsor and its service providers and have an adverse effect on
the Trust.
16

In late February 2022, Russia launched an invasion of Ukraine, significantly amplifying already existinggeopolitical tensions among Russia and other countries in the region and in the west. On March 7, 2022, the
LBMA suspended its accreditation of six Russian precious metals refiners. The LBMA stated that existing bars
produced by the refiners before their suspension will still be accepted as good delivery. Following anannouncement at the G7 Summit to collectively ban the import of Russian gold, the UK passed regulations which
prohibit the direct or indirect (i) import of gold that originated in Russia, (ii) acquisition of gold that originated in
Russia or is located in Russia and (iii) supply or delivery of gold that originated in Russia, all after July 21, 2022.
Similarly, US regulations prohibit the import of gold of Russian origin into the United States on or after June 28,2022 and EU regulations prohibit the direct or indirect import, purchase or transfer of gold if it originates in
Russia and has been exported from Russia after July 22, 2022.
The responses of countries and political bodies to Russia’s actions, the larger overarching tensions, andUkraine’s military response and the potential for wider conflict may increase financial market volatility
generally, have adverse effects on regional and global economic markets, and cause volatility in the price of gold
and the price of the Shares. In addition, the conflict in Ukraine, along with global political fallout andimplications including sanctions, shipping disruptions, collateral war damage, and a potential expansion of theconflict beyond Ukraine’s borders, could disturb the gold market.
The risks described in our Annual Report on Form 10-K are not the only risks facing the Trust. Additional risks
and uncertainties not currently known to us or that we currently deem to be immaterial also may materiallyadversely affect our business, financial condition and/or operating results.
Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

a)

None.

b)

Not applicable.

c)

As of the date of the formation of the Trust on November 12, 2004, the NAV of the Trust, which represents
the value of the gold deposited in the Trust, was $13,081,500, and the NAV per Share was $43.60. Since
formation and through June 30, 2022, 18,290 Baskets (1,829,000,000 Shares) have been created and 14,669
Baskets (1,466,900,000 Shares) have been redeemed.
Total Number of
SharesRedeemed

Average Ounces of GoldPer Share

4/1/22 to 4/30/22 . . . . . . . . . . . . . . . . . . .
5/1/22 to 5/31/22 . . . . . . . . . . . . . . . . . . .
6/1/22 to 6/30/22 . . . . . . . . . . . . . . . . . . .

10,100,000
16,400,000
13,200,000.09330.09328.09324

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . .

39,700,000.09327

PeriodItem 3.

Defaults Upon Senior Securities

None.
Item 4.

Mine Safety Disclosures.

Not Applicable.
Item 5.

Other Information

None.
Item 6.

Exhibits

The exhibits listed on the accompanying Exhibit Index, and such Exhibit Index, are filed or incorporated byreference as a part of this report.
17

EXHIBIT INDEX
Pursuant to Item 601 of Regulation S-K
ExhibitNo.

Description of Exhibit

10.1.1

Deed of Amendment to the Third Amended and Restated Allocated Bullion Account Agreement
dated April 29, 2022, between HSBC Bank PLC, as custodian, and The Bank of New York
Mellon, as trustee, incorporated by reference to Exhibit 10.1.1 of the Current Report on Form 8-K
filed by the Registrant on May 16, 2022.

31.1

Certification of Principal Executive Officer pursuant to Rule 13a-14(a) and 15d-14(a) under the
Securities Exchange Act of 1934, as amended, with respect to the Trust’s Quarterly Report on
Form 10-Q for the quarter ended June 30, 2022.

31.2

Certification of Principal Financial Officer pursuant to Rule 13a-14(a) and 15d-14(a) under the
Securities Exchange Act of 1934, as amended, with respect to the Trust’s Quarterly Report on
Form 10-Q for the quarter ended June 30, 2022.

32.1

Certification of Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of
2002, with respect to the Trust’s Quarterly Report on Form 10-Q for the quarter ended June 30,
2022.

32.2

Certification of Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of
2002, with respect to the Trust’s Quarterly Report on Form 10-Q for the quarter ended June 30,
2022.

101.INS*XBRL Instance Document

101.SCH*XBRL Taxonomy Extension Schema Document

101.CAL*XBRL Taxonomy Extension Calculation Linkbase Document

101.LAB*XBRL Taxonomy Extension Label Linkbase Document

101.PRE*XBRL Taxonomy Extension Presentation Linkbase Document

101.DEF*XBRL Taxonomy Extension Definition Linkbase Document

104.1

Cover Page Interactive Data File—The cover page interactive data file does not appear in theinteractive data file because its XBRL tags are embedded within the inline XBRL document.

* Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of aregistration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as
amended, are deemed not filed for the purposes of Section 18 of the Securities and Exchange Act of 1934, as
amended, and otherwise are not subject to liability under those sections.

18

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report tobe signed on its behalf by the undersigned in the capacities* indicated thereunto duly authorized.
WORLD GOLD TRUST SERVICES, LLC
Sponsor of the SPDR® Gold Trust(Registrant)/s/ Joseph R. Cavatoni
Joseph R. Cavatoni
Principal Executive Officer and Principal Financialand Accounting Officer*
Date: August 5, 2022
* The Registrant is a trust and the persons are signing in their capacities as officers of World Gold Trust
Services, LLC, the Sponsor of the Registrant.

19

Exhibit 31.1
CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER
PURSUANT TO RULE 13a-14(a) AND 15d-14(a)UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED
I, Joseph R. Cavatoni, certify that:1.

I have reviewed this quarterly report on Form 10-Q of the SPDR® Gold Trust (the “Trust” or the“Registrant”);

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to statea material fact necessary to make the statements made, in light of the circumstances under which suchstatements were made, not misleading with respect to the period covered by this report;

3.

Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations and cash flows of theRegistrant as of, and for, the periods presented in this report;

4.

I am responsible for establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in
Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures tobe designed under our supervision, to ensure that material information relating to the Registrant, including
its consolidated subsidiaries, is made known to us by others within those entities, particularly during theperiod in which this report is being prepared;b. Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability offinancial reporting and the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles;c. Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in thisreport our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of theperiod covered by this report based on such evaluation; andd. Disclosed in this report any change in the Registrant’s internal control over financial reporting that
occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the caseof an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’sinternal control over financial reporting; and5.

I have disclosed, based on my most recent evaluation of internal control over financial reporting, to theauditors of the Registrant and the audit committee of the Registrant’s board of directors (or persons
performing the equivalent functions):a. All significant deficiencies and material weaknesses in the design or operation of internal control overfinancial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process,summarize and report financial information; andb. Any fraud, whether or not material, that involves persons who have a significant role in the Registrant’sinternal control over financial reporting.

Date: August 5, 2022
/s/ Joseph R. Cavatoni
Joseph R. Cavatoni**
Principal Executive Officer***

The originally executed copy of this Certification will be maintained at the Sponsor’s offices and will bemade available for inspection upon request.
The Registrant is a trust and Mr. Cavatoni is signing in his capacity as Principal Executive Officer of WorldGold Trust Services, LLC, the Sponsor of the Registrant.

Exhibit 31.2
CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER
PURSUANT TO RULE 13a-14(a) AND 15d-14(a)UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED
I, Joseph R. Cavatoni, certify that:1.

I have reviewed this quarterly report on Form 10-Q of the SPDR® Gold Trust (the “Trust” or the“Registrant”);

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to statea material fact necessary to make the statements made, in light of the circumstances under which suchstatements were made, not misleading with respect to the period covered by this report;

3.

Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations and cash flows of theRegistrant as of, and for, the periods presented in this report;

4.

I am responsible for establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in
Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures tobe designed under our supervision, to ensure that material information relating to the Registrant, including
its consolidated subsidiaries, is made known to us by others within those entities, particularly during theperiod in which this report is being prepared;b. Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability offinancial reporting and the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles;c. Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in thisreport our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of theperiod covered by this report based on such evaluation; andd. Disclosed in this report any change in the Registrant’s internal control over financial reporting that
occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the caseof an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’sinternal control over financial reporting; and5.

I have disclosed, based on my most recent evaluation of internal control over financial reporting, to theauditors of the Registrant and the audit committee of the Registrant’s board of directors (or persons
performing the equivalent functions):a. All significant deficiencies and material weaknesses in the design or operation of internal control overfinancial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process,summarize and report financial information; andb. Any fraud, whether or not material, that involves persons who have a significant role in the Registrant’sinternal control over financial reporting.

Date: August 5, 2022
/s/ Joseph R. Cavatoni
Joseph R. Cavatoni**
Principal Financial and Accounting Officer***

The originally executed copy of this Certification will be maintained at the Sponsor’s offices and will bemade available for inspection upon request.
The Registrant is a trust and Mr. Cavatoni is signing in his capacity as Principal Financial and Accounting
Officer of World Gold Trust Services, LLC, the Sponsor of the Registrant.

Exhibit 32.1

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TOSECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of SPDR® Gold Trust (the “Trust” or the “Registrant”) on
Form 10-Q for the period ending June 30, 2022 as filed with the Securities and Exchange Commission on thedate hereof (the “Report”), I, Joseph R. Cavatoni, Principal Executive Officer of World Gold Trust Services,
LLC, the Sponsor of the Trust, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the
Sarbanes-Oxley Act of 2002, that:(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange
Act of 1934, as amended; and(2) The information contained in the Report fairly presents, in all material respects, the financial condition
and result of operations of the Trust.
/s/ Joseph R. Cavatoni
Joseph R. Cavatoni**
Principal Executive Officer
August 5, 2022***

The originally executed copy of this Certification will be maintained at the Sponsor’s offices and will bemade available for inspection upon request.
The Registrant is a trust and Mr. Cavatoni is signing in his capacity as Principal Executive Officer of WorldGold Trust Services, LLC, the sponsor of the Trust.

Exhibit 32.2

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TOSECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of SPDR® Gold Trust (the “Trust” or the “Registrant”) on
Form 10-Q for the period ending June 30, 2022 as filed with the Securities and Exchange Commission on thedate hereof (the “Report”), I, Joseph R. Cavatoni, Principal Financial and Accounting Officer of World Gold
Trust Services, LLC, the sponsor of the Trust, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906
of the Sarbanes-Oxley Act of 2002, that:(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange
Act of 1934, as amended; and(2) The information contained in the Report fairly presents, in all material respects, the financial condition
and result of operations of the Trust.
/s/ Joseph R. Cavatoni
Joseph R. Cavatoni**
Principal Financial and Accounting Officer
August 5, 2022***

The originally executed copy of this Certification will be maintained at the Sponsor’s offices and will bemade available for inspection upon request.
The Registrant is a trust and Mr. Cavatoni is signing in his capacity as Principal Financial and Accounting
Officer of World Gold Trust Services, LLC, the sponsor of the Trust.